A lot of us thought that if we could just work through the subprime mortgage debt crisis, the industry would start perking up. But is there another big shoe to fall? We've discussed the credit card-backed debt nervousness recently, noting that this could emerge as another huge black hole of sorts. The warnings signs are not letting up. Delinquencies and lower payment rates and the likes. Obviously, customers are pretty stressed at this point. Moody's says card holders will be crimped through 2008. TheStreet.com notes that analysts have downgraded major credit card companies, American Express, Discover and Capital One. If the securitized market ever starts to creak, it will portend some major quakes.

For more:
- here's TheStreet.com article
- here's an AP article on Moody's view